The City of Atchison’s E-Community Program is pleased to announce a new loan to Pennington Enterprises, LLC. The company has acquired and plans to improve the property located at 515 Commercial Street, which until very recently was occupied by Favorite Things. Pennington Enterprises plans a special event and entertainment space on the second level of the building and is working with a to-be-announced tenant to occupy the first level retail space. The $45,000 in E-Community Loan proceeds will be coupled with financing from Exchange Bank & Trust.
Since January of 2017, the Atchison E-Community Program has been offering gap financing loans for small business startups, expansions, and acquisitions. Everyday businesses like restaurants, retail stores, and professional service providers can use this locally controlled, revolving loan fund as gap financing to make their small business dreams come true.
Pennington Enterprises is the twenty fifth E-community loan processed by the City of Atchison. Those 25 loans total over $1.25 million in gap financing that has supported small business development in the Atchison community.
The funding for the E-Community Program is created through the sale of entrepreneurship tax credits, which are allocated to NetWork Kansas by the Kansas State Legislature.
To learn more about the E-Community Program, contact Justin Pregont with the City of Atchison at justinp@cityofatchison.com or 913-367-5506.
Photo: Todd Gigstad (Exchange Bank), Thomas Pennington (Pennington Enterprises, LLC), and Justin Pregont (City of Atchison).